Economic Indicators: Sales Tax Receipts Up, Home Sales Prices Down

Our general fund budget is $3.8 billion, which is impacted by county, state and federal economic conditions. The monthly Economic Indicators provides a snapshot of the economic climate. As the county and Fairfax County Public Schools continue discussions about the challenges facing next year’s budget decisions, we encourage you to stay informed about these conditions that impact the county’s economy.

What’s Up

▲ The unemployment rate in Fairfax County increased to 4 percent in May.

▲ Total Fiscal Year 2015 sales tax receipts in Fairfax County increased 6.6 percent compared to Fiscal Year 2014.

▲Home prices in the Washington metropolitan area posted a 1.3 percent gain in May compared to a year ago.

▲ The number of homes sold in Fairfax County in June increased 19.3 percent from a year ago.

▲ The number of active listings of homes for sale in the county increased 21.8 percent in June from a year ago.

▲ The number of single family building permits issued in the county for the first six months of 2015 is up 14.1 percent.

What’s Down

▼ In June 2015, the average sales price of all homes sold in Fairfax County decreased 0.8 percent compared to the average sales price in June 2014.

We are working to strengthen our economy for the 21st century with a strategic Economic Success Plan. This plan offers a roadmap to success that includes diversifying the economy, creating high-density, mixed-use, transit-oriented developments where people can live, work, and maintaining world-class public schools.